Innovation is a word so overused as to be almost meaningless…except that its impacts can change a company’s fortunes for better or worse. While leadership often calls for more innovation, few companies have enough insight into their own processes to manage its dysfunctions.
At Fido, we consistently find that 50-80% of the discretionary spend on innovation fails to drive meaningful revenue, much less an attractive ROI, but nobody knows what part of the spend that is. The challenge is first understanding and then effectively guiding the innovation process.
We believe that innovation can be disciplined, directed, and focused to achieve a company’s strategic objectives. “Innovation” in our vernacular is the greatest lever to drive disproportionate growth AND disproportionate EBITDA.
Where to start?
We believe that a comprehensive diagnostic evaluation of the elements that bring success in innovation can quickly and clearly provide the prescription for optimizing innovation and yield tremendous short and long-term financial benefits in the process.
Fido has developed an innovation assessment tool, the Triple Helix Model of InnovationTM Assessment, which focuses on optimizing three critical levers of the P&L:
• Top-line growth
• Innovation (aka R&D/Engineering) spend broadly
• Innovation-related cash flow, profitability, and company valuation
Fido’s methodology focuses on identifying misalignments between a firm’s innovation strategy and the three core processes for driving effective innovation, using our proprietary extensive assessment to develop an accurate evaluation and focused improvements. In combination with industry metrics, Fido’s tested approaches consistently secure rapid and lasting improvement.
Download our information packet now to learn more about assessing and managing the innovation process.